Starting well in your new business

"Well begun is half done," goes the adage. Here are our top five tips to help get your new home business off to a great start.

1. Do your research, but trust your hunches.
It's always wise to find out about the new business you want to get into. But in the end, your hunch about it - your intuition - will tell you either, "I can do this," or "it's not for me."

Trust that decision no matter what anybody else tells you.

2. Write a business plan.
You need to clarify your ideas and plan your actions. You don't have to be elaborate (unless you want to use it to raise money). The business plan is really just a roadmap to help you to plan your home-business journey and to check from time to time to make sure you stay on course. Your business plan should briefly outline:

* What your goals are
* What products and service's you'll offer
* The benefits of those products or services
* Who your target market is
* How you'll reach them
* What your income goals are

3. Pick out a workspace.
Most people work best if they have one main area to work in. It doesn't matter how big or small it is, or even if it is a separate room (a corner of another room could be all you need). Just make sure the space is set aside for that purpose only. Don't watch TV there. Don't eat there. Don't do family activities there. And it won't hurt if you keep it organized and neat.

4. Decide when and how much to work.
Part of the reason for working for yourself is to gain more control over how you spend your time. But make no mistake, you will have to work to succeed. And while you are working, make sure your family and friends treat that time with the same respect they would show if you worked regular hours in a regular office.

5. Organize your finances.
Running your own business can mean feast-or-famine income. So always set some of your income aside as a cushion against slower times, and keep close watch on your spending. Those two rules are true, even if you happen to earn a lot of money. Just ask any successful and wealthy person.